House Passes Two CFP Board Endorsed Bills

On July 21, the House of Representatives passed two bipartisan bills that CFP Board endorsed: the Senior Security Act (HR 1469) and the Small Entity Update Act (HR 3382). 

First, the Senior Security Act would establish a Senior Investor Taskforce at the U.S. Securities and Exchange Commission (SEC) to examine how seniors are being targeted by fraudsters who attempt to take financial advantage of them. This is crucial as reports estimate that one in five Americans over the age of 65 has been a victim of financial exploitation. According to the FBI, older Americans reported having nearly $4.9 billion stolen through fraud in 2024, with an average loss of $83,000 — a 43% increase from the previous year. 

Second, many CFP® professionals own or work for small financial firms, which may be disproportionately impacted by regulatory requirements. The Small Entity Update Act of 2025 would instruct the SEC to assess the proposed regulations’ effect on small businesses and require the SEC to develop an alternative method for classifying organizations as small entities for purposes of the Regulatory Flexibility Act.  

We thank Reps. Ann Wagner (R-MO) and Josh Gottheimer (D-NJ) for introducing these critical pieces of legislation and advancing the priorities of CFP Board. The bills now head to the Senate, where they will be subject to debate and a full Senate vote.